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More or Fewer Deliveries? Consider a delivery firm that delivers packages by bicycle, charging $13 per package and paying each of its workers $12 per hour. One day, one of the workers was two hours late to work, and the number of packages delivered that day decreased by one package.
a. Did the tardiness of the worker increase or decrease the firm s profit?
b. Based on the new information provided by this experience, should the firm produce more deliveries by increasing its workforce, or produce fewer deliveries by reducing its workforce? Explain, using the marginal principle.
Assume an economy with 1000 consumers. Each consumer has income in the current period of 50 units and future income of 60 units and pays a lump-sum tax of 10 in the current period and 20 units in the future period.
different types of consumers value your two products differently, but you are unable to identify these consumers individually at the time of the sale. In particular, you know there are three types of consumers (1,000 of each type).
Consider a standard six sided die, numbered 1 through 6 on each face. The probability of rolling each number is 1/6. a.) Let X equal the sum of the values from two independent rolls, then E[X] is b.) What is the variance of one throw of the die
Suppose the government decreases spending by $20 billion. How much will this change equilibrium GDP if the MPC is 80 percent and the tax rate is 1/6 (16.6 percent)
When Groucho's deli lowers the price of their sandwiches by 9% the quantity demanded of Todaro pizza falls by 12%. What is the cross price elasticity of demand for Todaro pizza with respect to the price of Groucho's sandwiches.
Suppose a country has a money demand function (Md/P) = kY where k is a constant parameter. The money supply grows by 12 percent per year and real income grows by 4 percent per year. What is the inflation rate
Following a decrease in variable cost that affects both firms, each firm must decide to lower price or to maintain price. If firm A maintains price and B maintains its price, each firm will have profits of $120 during the time period.
Analyze the arguments for government intervention as opposed to arguments for market-based solutions.
The rival always prefers to select the same technology as Microsoft (because compatibility is important), while Microsoft always wants to select a different technology from its rival. Describe the equilibrium of this game.
Explain the impact of global value chains on world trade. What role do multinational corporations play in these chains?
Assume that the short run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of o..
Consider an economy where, consumer's utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p) (a) What happens to t as real w..
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